- Some Tips For Identify Potential Areas For Perfect Fixer
Limited land for new building and houses
Strategic location. Either located in prime location, very near to prime area or it is very convenience to prime area.
Unique community. For example, there are many foreigners’ stays in the area.
- Market Research
Keep track of houses for sales in the area identified. For example understand how sellers market their property, times taken to sell the properties, terms of sales. Do research on what features and finance options that prompted fast selling of the properties. One way is to look at model homes launch recently. You will know what amenities found in newer homes that buyers like. If there is unique community, for example majority residents of that area are Japanese, then research on what house features that most Japanese are looking after in the property. weblink
- Look For Houses Can Be Quick Fixed
Look for houses needing only cosmetic work such as cleaning up, painting and new flooring. Peeling paint, holes in the wall, stained carpeting, and trash in the yard does not look good to most buyers but that is the house can be easily fixed. Try to visualize the house after fixed. This will help in estimation of fixing cost and ROI.
- Know Your Limitation And Keep Learning
When you’re new to real estate investing, always remember your limitations. Use caution when considering houses needing structural repairs. Some tasks such as replace walls, plumbing, structural beams, sub-flooring, and electrical systems acquired those skills after years of experience or pay a professional. If you find a house with structural problems, get estimates from reliable contractors to do the work. Experience always counts. There is always lessens to learn. Rely on experienced contractors to do the repairs. Take professional estimates into account before deciding whether or not to purchase an investment property. There are always chances to make fortunes by fixing ugly or run down properties. Learn your market. Know when “ugly” means bad that can be good and keep learning.